Are you interested in investing in Knoxville, TN real estate? Investing in real estate has become a popular option for both new and experienced investors over the years. Owning a rental property can offer you consistent rental income, numerous tax advantages, and allow your property value to appreciate over time.
Knoxville is the third largest city in the state of Tennessee and has been on the minds of many investors thanks to its increasing population. The city is also a great place to invest because of the diversity of real estate available. New residents can also attest to the hospitality that they receive from their communities.
Its location is another factor that makes Knoxville a great place to invest in real estate. Knoxville is located a few hours from both Nashville and Memphis. There’s also its proximity to the Great Smoky Mountains National Park.
Although there are countless reasons to invest in Knoxville real estate, the question however remains: which neighborhoods should you invest in to enjoy the full benefits of property ownership and leasing? Keep reading to learn about the best areas to invest in Knoxville.
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Best Neighborhoods to Invest in Knoxville
Downtown Knoxville
What’s not to love about the downtown area? It’s close to where people work and offers easy access to entertainment and dining options. In addition, downtown Knoxville is served by highly-rated schools.
One of the key landmarks of the downtown area has to be the World’s Fair Park. The location is the go-to place for nightlife, dining, and entertainment for the neighborhood’s residents.
The area is also enjoying some urban resurgence and rehabilitation. Due to the high demand for housing in the city’s center, developers are converting old warehouse spaces and offices into chic condos and apartments.
Fourth & Gill
The first thing you notice when you walk into Fourth & Gill is the type of houses in the area. Most of the houses were built in the 1800s and are a charming Victorian style. You will also find some houses, in the Colonial or Gothic Revival styles.
The age of these houses should not scare you from investing in the area. Most of these homes have modern finishes and fittings inside. You (or your tenants) will be able to enjoy high-quality living.
The area is also has a number of parks and green spaces, including the Knoxville Zoo and Chilhowee Park.
Old City
If you are a lover of history, then Old City is the place to invest in. It can be considered the epicenter of Knoxville culture. The area is awash with well-preserved and elegant 19th-century architecture.
The well-preserved Old City plays host to a number of events every year. Most of the city’s cultural festivals occur in Old City because of the existing ambiance that the area has to offer. Investing in the area means that you get to tap into this and also enjoy the preservation of the value of your property.
Old North Knoxville
This is one of the new, up-and-coming neighborhoods of Knoxville. It is located to the north of the downtown area and attracts mostly young professionals and couples. However, the area still has a few established homes that have been preserved in the Victorian and Craftsman styles.
Residents of Old North Knoxville enjoy easy access to the Knoxville Botanical Garden and Carl Cowan Park. North Central Street located within the neighborhood provides many dining and shopping options.
Oakwood
This is yet another Knoxville neighborhood full of culture and history. The difference between Oakwood and Old City is the distance from the city. Oakwood is located about three miles from the downtown area and offers a more suburban experience.
Due to its location, Oakwood properties have larger lots with more outdoor space for gardening, relaxing, and games. And if residents ever get tired of their own backyards, Oakwood also has several green spaces including Oakwood Heritage Park and Caswell Park to enjoy.
A significant pull factor for Oakwood has to be the quality of schools in the area. Residents can attest to the comprehensive education programs in said schools. Of notable mention is the Arts & Honor Magnet School.
Oak Ridge
Oak Ridge is considered one of the more established neighborhoods in Knoxville. The area is located to the northwest of the downtown area and about 30,000 people call it home.
The easy commute from Oak Ridge to downtown Knoxville is what makes this neighborhood attractive. Using Interstate 40, it will take you less than 20 minutes to get downtown.
The area is known for its love of art and culture. Music and art enthusiasts should make their way to the Oak Ridge Symphony Orchestra where renowned artists display their craft on a regular basis.
For museum lovers, a local favorite that you must visit is the American Museum of Science and Energy. You will enjoy the display of scientific tools and how they have evolved over time.
Lovers of the outdoors have lots to do in Oak Ridge, too. There are a number of hiking, biking, and camping options available.
Conclusion
With Knoxville’s amazing outdoor options, increasing population, and diverse property options, it’s no wonder many potential investors are considering investing in real estate in the area. If you are interested, we recommend that you consider the neighborhoods listed above.
Many new landlords focus on investing in the rental property and forget about its management. Quality management is what will determine the viability of your investment in Knoxville real estate. For the best management, get in touch with the experts at Keyrenter Knoxville.
We are a full-service property management firm known throughout the Knoxville area for our comprehensive services, accountability, and expert services. Our property managers are the best in the local industry and are willing to go out of their way to ensure your property is in the best condition possible. Contact us today!